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Financial Analysis

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Market narratives are seductive and dangerous

Human beings are storytelling animals yet it’s the job of investors to separate truth from fiction. And the truth lies in numbers, the company earnings and the multiples attached to those earnings.

Where do stockmarket returns come from over time?

Cash flow statements differ from income statements and balance sheets, and every company must balance payments to investors versus investing into the business. Cash flows drive the value of the business.

Deep dives make better investment decisions

Company releases relating to acquisitions, mergers or divestments, by nature, have the objective of painting a positive outlook. A deeper dive into the facts allows us to make more educated investment decisions.

Learn your knowns and unknowns

When investing capital, you expect the return to adequately compensate you for the likelihood of loss. Understanding both risk and reward is vital, so the more you know about 'knowns' and 'unknowns' the better.

Accounting may finally be sexy

Accountancy practices have been a poor second cousin to financial planning businesses in terms of sale price and merger and acquisition activity. Here’s why that might change soon.

Most viewed in recent weeks

3 ways to fix Australia’s affordability crisis

Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.

Making sense of record high markets as the world catches fire

The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.

Is there a better way to reform the CGT discount?

The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Welcome to Firstlinks Edition 648 with weekend update

This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.

  • 5 February 2026

It’s economic reality, not fear-based momentum, driving gold higher

Most commentary on gold's recent record highs focus on it being the product of fear or speculative momentum. That's ignoring the deeper structural drivers at play. 

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